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The Canadian Press Business News Budget for Wednesday, Oct. 28, 2009
(Canadian Press DataFile Via Acquire Media NewsEdge) BUSINESS EDITORS: Here are The Canadian Press Business budget lines as of 10 p.m. ET. To contact CP Business by email, send messages to business(at)thecanadianpress.com.
In addition to the following, a story slugged BC-Economy, 1st Writethru has moved General (G) and Business (B). Please guard against duplication.
CALGARY _ Nexen Inc. (TSX:NXY) says it ironed out problems at its Long Lake oilsands project in northern Alberta during the third quarter, when the oil and gas producer saw an 86 per cent slide in earnings. 650 words. By Lauren Krugel. BC-Nexen, 5th Writethru Budget. Moved.
CALGARY _ U.S. energy giant ConocoPhillips (NYSE:COP) is considering selling its minority stake in the Syncrude Canada Ltd. partnership, the world's largest oilsands operation, chief executive Jim Mulva said Wednesday. 650 words. By Lauren Krugel. BC-ConocoPhillips-Syncrude, 3rd Writethru Budget. Moved.
CALGARY _ Canadian Oil Sands Trust (TSX:COS) bumped up its quarterly distribution by 40 per cent on Wednesday even as it reported a sharp drop in quarterly earnings.The trust declared a quarterly distribution of 35 cents per unit, payable on Nov. 30, up from the current payout of 25 cents per unit. 462 words. Canadian-Oil-Sands-Trust.
MONTREAL _ Canam Group Inc. (TSX:CAM) expects a $100-million project to build a retractable roof at B.C. Place Stadium in Vancouver will help the structural steel fabricator to withstand the economic downturn that caused its third-quarter profits to fall more than 70 per cent. 600 words. By Ross Marowits. BC-Canam-Group, 3rd Writethru. Moved.
TORONTO _ Maple Leaf Foods Inc. (TSX:MFI) continues to recover from 2008's listeriosis outbreak, reversing a year-earlier loss amid improved operating income from its bakery business and a recovery at its packaged-meat operations. 700 words. By Kristine Owram. BC-Maple-Leaf-Foods, 4th Writethru. Moved.
TORONTO _ Sherritt International Corp. (TSX:S) said lower commodity prices and the loss of an oilfield in Cuba sent its third-quarter net income down 58 per cent to $55.9 million as revenue declined 19 per cent. 700 words. By Kristine Owram. BC-Sherritt, 4th Writethru. Moved.
MONTREAL _ New cellphone player Globalive has already made changes to show the CRTC it's a Canadian-owned and controlled company. The question of whether it will be able to set up as Canada's fourth national cellphone company to compete with Bell, Telus and Rogers is in the hands of the federal regulator, expected to hand down its decision on Thursday. 500 words. By LuAnn LaSalle. BC-Globalive-CRTC. Moved.
MONTREAL _ Real estate agent Marcus Caporicci was on his way to buy a hands-free device in London, Ont. He was familiar with ``Bluetooth'' headsets but said he wasn't really sure what hands-free devices were out. Ontario has become the fourth province to restrict driving and talking on a cellphone. Consumers have the option of several kinds of devices to obey the law including headsets, voice-activated devices and car kits. 600 words. By LuAnn LaSalle. BC-Hand-Held-Devices. Moved Business (B) and General (G).
TORONTO _ TMX Group Inc. (TSX:X) says the economic slowdown helped weaken revenues by $9 million and cut net income during the third-quarter, but the CEO behind the operator of Canada's main stock exchanges believes market conditions are starting to improve. By David Friend. BC-TMX-Group, 4th Writethru. Moved.
VANCOUVER _ MacDonald, Dettwiler and Associates Ltd. (TSX:MDA) says it's returning to pre-recession profit levels and plans to roll out a number of initiatives, striking a better balance between its real estate and space sides. The Vancouver-area company, known as MDA, said it will rely more heavily on its space-based information systems business, nearly two years after Ottawa blocked a proposed sale of the division to a U.S. defence firm. 593 words. By Brenda Bouw. MDA-Corp.
WASHINGTON _ The Great Recession may be over, but the U.S. recovery is just beginning _ and it doesn't promise to be much easier.Economists forecast the total output in the U.S. grew at an annual rate of 3.3 per cent between July and September, after contracting for a record four straight quarters. That growth has been fuelled by a huge influx of government cash, including a temporary tax credit for first-time homeowners and a US$1.25 trillion Federal Reserve program to keep mortgage rates low. 829 words. By Alan Zibel. See Photo . US-Economy.
UNDATED _ Struggling US Airways will cut some 1,000 jobs next year, shift nearly all of its flying to its three hubs and Washington, and suspend several international routes. It's a major retrenchment, and Chairman and CEO Doug Parker said he hopes it gets the airline making money again. 600 words. By Joshua Freed. AP Photo. BC-US-Airways-Job-Cuts, 1st Writethru. Moved.
BRUSSELS, Belgium _ ArcelorMittal SA, the world's largest steel maker, on Wednesday posted a US$903 million profit in the third quarter, its first after three consecutive quarterly losses, as it saw the first signs of a gradual recovery in demand. 700 words. By Aoife White. BC-EU-Luxembourg-Earns-ArcelorMittal, 2nd Writethru. Moved.
DETROIT _ Ford Motor Co. (NYSE:F) has picked a consortium led by China's Geely Group as the preferred bidder to buy its Swedish Volvo Cars unit, the U.S. automaker said Wednesday. Ford said the selection signals that it is conducting ``more detailed and focused negotiations'' with Zhejiang Geely Group Holding Co. Ltd. about the sale. By Joe McDonald, Tom Krisher. BC-US-Ford-Geely-Volvo, Budget. Moved.
UNDATED _ Energy prices fell Wednesday ahead of a government report that could show whether supplies of crude and gasoline are growing tighter as prices at the pump rise. An oil industry report released late Tuesday suggested that the amount of crude and gasoline held in storage, which has remained at historically high levels for months, is falling. By Dirk Lammers. BC-Oil-Prices, 1st Writethru Budget. Moved.
CLEVELAND _ Goodyear Tire & Rubber Co.'s profit more than doubled in the third quarter, helped by cost-cutting, new products and lower raw material costs. But its shares plummeted on its forecast for lower operating income in its key North American market this quarter. By Tom Sheeran. BC-US-Earns-Goodyear, 1st Writethru. Moved.
HOUSTON _ ConocoPhillips says low natural gas prices and thin margins from its gasoline refining business sent its profit tumbling 71 percent in the third quarter, but the oil company is ramping up production as crude prices jump. By Mark Williams. BC-US-Earns-ConocoPhillips, 1st Writethru. Moved.
OSLO _ Norway's central bank raises its key interest rate by a quarter percentage point to 1.5 per cent, making the oil-rich country the first European economy to boost rates since the height of the global financial crisis. BC-EU-Norway-Interest-Rates, 1st Writethru. Moved.
The Canadian Press is also following:
TORONTO _ The losing streak on the Toronto stock market extended to a fourth session Thursday, with the main index losing almost 250 points as investors took profits on doubts about the strength of the American economic recovery. By Malcolm Morrison. BC-Dollar-Markets, 6th Writethru. Moved.
ST. JOHN'S, N.L. _ The purchase of four Bombardier (TSX:BBD.B) waterbombers in exchange for aerospace investments is a ``win-win'' deal for Newfoundland and Labrador, says Premier Danny Williams. BC-NL-Bombardier-Deal, 3rd Writethru. Moved.
MONTREAL _ Three utility service providers in the United States have awarded US$100 million in contracts to a subsidiary of CVTech Group Inc. (TSX:CVT), the Quebec-based company announced Wednesday. BC-CVTech-Contracts, 1st Writethru. Moved.
MONTREAL _ Logistec Corp. (TSX:LGT.A) pays US$13.4 million cash to acquire fire-hose manufacturer Niedner, which is the exclusive supplier of a crucial component used by Logistec's subsidiary Sanexen Environmental Services Inc. BC-Logistec. Moved.
MONTREAL _ Aeroports de Montreal, operator of Montreal's Trudeau airport, posts a 15 per cent decline in third-quarter earnings. The authority said consolidated revenue dipped 1.7 per cent to $93.6 million from $95.2 million compared with the same quarter last year. BC-Aeroports-Montreal.
MONTREAL _ Montreal La Presse has reached an agreement-in-principle with half of its eight unions, although a shutdown threat still looms over the newspaper. BC-CRAFT-La-Presse. BC-CRAFT-La-Presse. Moved.
MONTREAL _ A group including former Cossette senior executives raised its hostile bid for Cossette Inc. (TSX:KOS) to $5.25 per share, an offer that values the advertising and communications agency at $65.2 million.Cosmos Capital, headed by a former Cossette president Francois Duffar and former Cossette vice-president Georges Morin, had earlier offered $4.95 per share. 196 words. Cossette-Cosmos.
OTTAWA _ Zarlink Semiconductor (TSX:ZL) reported a profitable second-quarter on Wednesday even as sales fell compared with a year ago. BC-Zarlink-Semiconductor. Moved
OTTAWA _ Bank of Canada governor Mark Carney has repeated his concern that Canadians may be getting in over their heads in the purchase of homes, saying the government has ways of slowing the market. 650 words. BC-Carney-Economy, 1st Writethru. Moved General (G) and Business (B).
TORONTO _ Whiterock Real Estate Investment Trust (TSX:WRK.UN) announced a plan Wednesday to split its units two for one.``The decision to split our units comes as a result of our unit's strong price performance in 2009,'' Whiterock chief executive Jason Underwood said. 102 words. Whiterock-REIT.
TORONTO _ Toronto-based miner Tiomin Resources Inc. (TSX:TIO) says the Chinese metals producer that was to buy 70 per cent of its Kenyan subsidiary and the help fund development of the Kwale mineral sands project has backed out of the deal. BC-Tiomin-Jinchuan, 1st Writethru. Moved.
TORONTO _ First National Financial Income Fund (TSX:FN.UN) recorded a rise in net income for its third quarter as credit markets continued to stabilize. BC-First-National-Financial. Moved.
TORONTO _ Agnico-Eagle Mines Ltd. (TSX:AEM) reported a loss in its latest quarter on Wednesday, weighed down by a non-cash foreign exchange charge.The gold miner, which keeps its books in U.S. dollars, said Wednesday that it lost US$17 million or 11 cents per share for the quarter ended Sept. 30 compared with a profit of $14 million or 10 cents per share a year ago. 227 words. Agnico-Eagle.
TORONTO _ Nortel Networks Corp. has received a green light from Canadian bankruptcy courts on the sale of its next-generation packet core network component assets to Japanese electronics manufacturer Hitachi Ltd. for US$10 million. BC-Nortel-Hitachi, 3rd Writethru. Moved.
TORONTO _ Cogeco Cable Inc (TSX:CCA) has signed a 10-year, multi-million dollar deal the City of Toronto to provide wide area network services to the city's agencies, boards, and commissions. The deal expands the Cogeco Data Services network in the Toronto area, the company said Wednesday. BC-Cogeco-Toronto, 1st Writethru. Moved.
TORONTO _ Potash producer Allana Resources Inc. (TSXV:AAA) says it has received ``multiple unsolicited offers'' to participate in its project in northeastern Ethiopia, news that sent it stock soaring Wednesday. BC-Allana-Resources, 2nd Writethru. Moved.
TORONTO _ Shares of SelectCore Ltd. (TSXV:SCG) doubled Wednesday as the company reversed a year-earlier loss and booked a third-quarter profit on soaring revenues. BC-SelectCore, 2nd Writethru. Moved.
TORONTO _ Canwest Global Communications has announced it will be transferring the National Post newspaper to its publishing division. In a statement released late Tuesday, Canwest said that under the terms of the agreement, all National Post employees will be offered employment with the new company. BC-Canwest-Post, 1st Writethru. Moved.
TORONTO _ A high level commissioner for the CRTC says the regulator will not reconsider its more distanced approach to the debate between cable companies and local television stations over carriage fees. ``I want to emphasize that we are not about to go back to the question of a set fee imposed by the commission for the carriage of local television stations _ what's known as fee-for-carriage,'' Rita Cugini, Ontario's regional commissioner for the regulator, said during an industry speech on Wednesday. BC-Broadcast Regulator. Moved.
REGINA _ SaskTel signed wireless network sharing agreements on Wednesday with Telus (TSX:T) and Bell (TSX:BCE) that are expected to help the development of its high-speed network in Saskatchewan. BC-SaskTel-Telus-Bell. Moved.
CALGARY _ OPTI Canada Inc. (TSX: OPC) posted a small profit in its third quarter due largely to a foreign exchange translation gain as the oilsands developer grappled with operating expenses that cut into overall earnings. BC-Opti-Canada. Moved.
CALGARY _ Ithaca Energy Inc. (TSXV:IAE), a TSX Venture Exchange-listed company which operates in the British sector of the North Sea, says it has acquired a 33.33 per cent stake in the Stella oil project in the North Sea from Maersk Oil. The pricetag of the deal is US$18 million, the company said Wednesday. BC-Ithaca-Energy. Moved.
CALGARY _ True Energy Trust (TSX:TUI.UN) announces an increase in its total 2009 capital program to $19 million, up from $15 million, after spending only $3.9 million in the first six months. BC-True-Energy, 1st Writethru. Moved.
CALGARY _ Action Energy Inc.(TSXV:AEC) says National Bank (TSX:NA) has obtained an order in Alberta appointing Ernst & Young Inc. as receiver and manager over all of the company's assets. Action also said directors and some senior executives have resigned, effective immediately. BC-Action-Energy. Moved.
CALGARY _ TransAlta Corp. (TSX:TA) said Wednesday it has signed a deal to raise $375 million in an offering of shares that will be used to repay some of the debt incurred with the acquisition of Canadian Hydro Developers Inc. BC-TransAlta-Financing, 1st Writethru. Moved.
EDMONTON _ The Cash Store Financial Services Inc. (TSX:CSF) increases its quarterly dividend 54 per cent to 10 cents a share. BC-Cash-Store. Moved
VANCOUVER _ The Chinese mining company that's attempting to buy Canadian Royalties Inc. (TSX:CZZ) and its Nunavik nickel project has extended the deadline for its $192 million takeover offer until Nov. 10. BC-Canadian-Royalties, 1st Writethru. Moved.
VANCOUVER _ Sierra Wireless Inc. (TSX: SW) says it will add higher gross margin products to its business to help grow revenues, while trying to gain market share in a highly price competitive industry.The Vancouver-area company, which makes modems and software used to connect laptops and other devices to mobile networks, also said it has a more balanced product mix since acquiring Wavecom S.A. earlier this year. 359 words. By Brenda Bouw. Sierra-Wireless.
VANCOUVER _ A 70 per cent jump in revenues helped reduced Neovasc Inc.'s (TSXV:NVC) loss to $802,448, the heart surgery device developer said Wednesday. BC-Neovasc, 1st Writethru. Moved.
VANCOUVER _ OneMove Technologies Inc.'s (TSXV:OM) fourth-quarter and year-end losses narrowed despite a dip in revenues, the web-based real estate transaction platform provider said Wednesday. BC-OneMove-Technologies, 1st Writethru. Moved.
VANCOUVER _ Exploration company Lion Energy Corp. (TSXV:LEO) has called off its proposed acquisition of Lion Petroleum Corp. No specific reasons for the decision were contained in a company announcement issued Wednesday. BC-Lion, 1st Writethru. Moved.
VANCOUVER _ West Fraser Timber Co. Ltd. (TSX:WFT) said it will permanently close its Eurocan paper mill in Kitimat, B.C. on Jan. 31. The move impacts 535 employees. BC-West-Fraser-Kitimat. Moved.
VANCOUVER _ Teck Resources Limited (TSX:TCK.B) said Wednesday it earned $609 million, or $1.07 per share for the quarter ended Sept. 30 compared with a profit of $424 million or 95 cents per diluted share a year ago. Revenue totalled $2.13 billion, up from $1.74 billion. BC-Teck-Resources. Moved.
CARPINTERIA, Calif. _ NiMin Energy Corp. (TSX:NNN), a California company which trades on the Toronto Stock Exchange, says its Legacy Energy unit has negotiated a letter of intent to acquire oil and gas interests in the U.S. Rocky Mountain region for US$27 million. BC-NiMin-Energy. Moved.
WILMINGTON, Del. _ A subsidiary of the Chickasaw Nation of Oklahoma received court approval Wednesday to buy Magna Entertainment Corp.'s (TSX:MEC.A) Lone Star Park horse track in Texas, albeit for US$20 million more than the tribe first thought it would spend.Delaware bankruptcy judge Mary Walrath approved the sale of Lone Star to Chickasaw subsidiary Global Gaming LSP LLC, which submitted a winning bid of $47.8 million for the pari-mutuel horse racing track in Grand Prairie, Texas. 520 words. By Randall Chase. US-Magna-Entertainment-Bankruptcy.
The Canadian Press
(c) 2009 The Canadian Press
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